TL;DR Breakdown
- Interest of Mexican Companies in crypto growing at an incredible pace, says Mauricio Hurtado.
- The increased interest in cryptocurrency by these companies is due to the surge in the traction of Bitcoin.
Mexican companies interested in buying Bitcoin
The interest in Bitcoin and cryptocurrencies at large is growing daily with more institutional investors embracing the technology. Tesla’s $1.5billion investment in Bitcoin about a week ago has also helped the cryptocurrency gain more traction and credence. Recently, Mexican companies have also shown a great desire to be part of the whole BTC frenzy.
Mauricio Hurtado, Senior Partner at PwC, revealed in the El Economista report that the interest of Mexican companies in adopting cryptocurrency has skyrocketed lately. He also added that the wide-spread desire for cryptocurrency by these large companies is due to the increased adoption.
He noted that many companies are now looking to incorporate cryptocurrency into their business to get ahead of competition. Although many of these firms are reluctant to enter the crypto space due to its unregulated and very volatile nature, they are now willing to join due to the fear of missing out.
Other large institutions also buying Bitcoin
The recent influx of large institutions and companies investing in crypto, especially Bitcoin, has even given the crypto space more boost. In addition to Tesla’s investment, other companies like MicroStrategy, GrayScale, Galaxy Digital Holdings have also invested heavily in BTC.
Recently, Wall Street banks are also planning to allow BTC transactions due to pressure from their clients. Last week, America’s oldest custodian bank, BNY Mellon, had revealed that it would provide crypto services to its clients before the year ends. JP Morgan’s COO, Daniel Pinto revealed that the bank would also get involved in cryptocurrency when the demand comes.
With the recent surge in the price of the crypto king, other digital assets are now becoming mainstream. MasterCard and Visa have also disclosed plans to allow their card holders transact in cryptocurrency. A report from bitcoinke.io yesterday reveals that investors now hold 3% of BTC’s supply.
